Understanding Auction tactics

STAND OUT IN THE CROWD AT AUCTION 

According to Nathan Mawby in his recent article in the HeraldSun real estate, if you are considering buying at auction, you can emulate professional buyers by understanding the range of tactics that work for them, giving you an edge and stopping other bidders in their tracks.

  

  1. Plan ahead.  Work out your strategy in the days before the auction, not on auction day and know your limit
  2. Use the auctioneer’s name when you bid to indicate to the crowd that you know him and you have bid/bought at auctions before – even if you haven’t!
  3. Position yourself prominently, to signal confidence and willingness to engage with the auction – but  well away from friends and family and the crowd so that the auctioneer will be forced to turn away from others to interact with you.
  4. Chat with the auctioneer beforehand to let them know you are there to bid strongly if he gets it on the market early – by engaging with them the auctioneer will be watching for your bids
  5. In the weeks leading up to your auction, go to see the auctioneer in action at other auctions – this gives you a heads up on his technique
  6. Make your bids loud and clear to all present – and if you are about to make your final bid, don’t announce that it is your last
  7. Ignore attempts to slow bidding with $1000 offers - $10,000 might stop them bidding.

 

Research conducted at Columbia and Harvard universities has found that posture can change your psychological and physiological behaviour, so consider your body language. A territorial stance indicates dominance, power, assertiveness and determination – so plant your feet, shoulders back and bid with your arm high in the air.

 

Practice your posture in front of a mirror, visualising yourself bidding with confidence and assertiveness – this nonverbal communication can actually have a significant impact on your success at auction.

 

And don’t forget to dress to exude confidence - and intimidate – men wear distinctive suit and tie, women a well- tailored outfit that states affluence – oh, and leave the handbag at home.

Have a chat to Peter on: 0414 583 233 or email him on: peter.dall@mortgagechoice.com.au 

Posted in: Tips

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